Common use of Cure Period and Parent Guaranty Trigger Event Clause in Contracts

Cure Period and Parent Guaranty Trigger Event. If at any time any of the requirements set forth in the preceding Section 8.17.(a)-(d) are not satisfied, each Parent Entity shall promptly and in any event within five (5) Business Days of the earlier of (A) the first date a Responsible Officer obtains knowledge that such requirements were not satisfied or (B) the date upon which the Company has received written notice that such requirements were not satisfied by the Administrative Agent, either (i) satisfy such requirements or (ii) deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (x) an Accession Agreement (or if the Guaranty is not then in effect, the Guaranty) executed by such Parent Entity and (y) the items that would have been delivered under Section 6.1.(I)(a)(iv) through (viii) and (xiv) if such Parent Entity had been a Loan Party on the Agreement Date.

Appears in 4 contracts

Samples: Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.)

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Cure Period and Parent Guaranty Trigger Event. If at any time any of the requirements set forth in the preceding Section 8.17.(a)-(d) are not satisfied, each Parent Entity shall promptly and in any event within five (5) Business Days of the earlier of (A) the first date a Responsible Officer obtains knowledge that such requirements were not satisfied or (B) the date upon which the Company has received written notice that such requirements were not satisfied by the Administrative Agent, either (i) satisfy such requirements or (ii) deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (x) an Accession Agreement (or if the Guaranty is not then in effect, the Guaranty) executed by such Parent Entity and (y) the items that would have been delivered under Section 6.1.(I)(a)(iv) through (viii) and (xiv) if such Parent Entity had been a Loan Party on the Agreement Closing Date.

Appears in 3 contracts

Samples: Loan Agreement (Park Hotels & Resorts Inc.), Loan Agreement (Park Hotels & Resorts Inc.), Assignment and Assumption Agreement (Park Hotels & Resorts Inc.)

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